NEW YORK, Aug. 1, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against L-3 Communications Holdings, Inc. ("L-3" or the "Company") (NYSE:LLL) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 14-cv-6038, is on behalf of a class consisting of all persons or entities who purchased L-3 securities between April 25, 2013 and July 30, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased L-3 securities during the Class Period, you have until September 30, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
L-3 is a prime contractor in aerospace systems and national security solutions. L-3 is also a leading provider of a broad range of communication and electronic systems and products used on military and commercial platforms. Through its subsidiary, L-3 Communications Corporation, L-3 provides command, control, communications, intelligence, surveillance, and reconnaissance systems; aircraft modernization and maintenance; and national security solutions in the United States and internationally.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's Aerospace Systems segment. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) L-3's financial statements contained errors related to the improper deferral of cost overruns on a fixed-price maintenance and logistics support contract resulting in overstatement of operating income; (2) net sales with respect to the fixed-price maintenance and logistics support contract were overstated; (3) the Company lacked adequate internal controls over financial reporting; and (4) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On July 31, 2014, before the markets opened for trading, L-3 announced preliminary results due to the disclosure of a concurrent internal accounting review into matters at the Company's Aerospace Systems segment. As a result of its preliminary review, which is still ongoing, the Company announced that it expects to incur an aggregate pre-tax charge of $84 million against operating income and a related reduction in net sales of approximately $43 million.
On this news, shares of L-3 fell $14.68, or more than 12%, on extremely heavy volume, to close at $104.96 on July 31, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby Pomerantz LLP